birth and wall street

I was listening to local public radio this morning (The Takeaway) and Robert Reich (former Secretary of Labor under Clinton & now Obama's adviser on economics) was on talking about the economy and the volatile situation on Wall Street. He said one major component at play is fear and mistrust because we lack transparency in Corporate America and on Wall Street. In his blog yesterday, Reich says,

We tell poor nations they have to make their financial markets transparent before capital will flow to them. Now it's our turn. Lacking adequate regulation or oversight, our financial markets have become a snare and a delusion.

Basically, problems occur when people in an industry are doing things without understanding, without using an evidence-based approach and without informed consent merely because it is expedient.

...hmmm - sound familiar? Where else is there crisis and need for transparency? I'm just sayin'...